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Allergy Conjunctivitis Market Trends, Top Companies, Share, Growth And Forecast 2033
Allergy Conjunctivitis Market Trends
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According to The Business Research Company's, The allergy conjunctivitis market size has grown strongly in recent years. It will grow from $2.4 billion in 2023 to $2.54 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increasing incidence of allergic conditions, advancements in research and development, changing lifestyles and environmental factors, expansion of patient awareness, collaborations and partnerships, healthcare infrastructure development.
The allergy conjunctivitis market size is expected to see strong growth in the next few years. It will grow to $3.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to increasing global allergy burden, personalized medicine approaches, growing geriatric population, biotechnological innovations, expanding healthcare access in developing regions, regulatory support and approvals. Major trends in the forecast period include integration of novel drug delivery technologies, emphasis on patient education and awareness, development of combination therapies, incorporation of artificial intelligence (ai) in diagnosis, rise in environmental allergen management solutions.
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Market Drivers and Trends:
Prevalence of eye disorders is expected to propel the growth of the allergy conjunctivitis market. An eye disorder refers to any condition or abnormality that affects the structure or function of the eyes, leading to impaired vision or other symptoms related to eye health. Allergy conjunctivitis plays a significant role in the spectrum of eye disorders, particularly in cases where the condition is triggered by allergic reactions. This form of conjunctivitis is characterized by inflammation of the conjunctiva, the thin membrane covering the eye surface, and is commonly induced by exposure to allergens such as pollen, dust, or pet dander. The rise in environmental pollutants and chemicals has contributed to an increase in allergic conjunctivitis cases. For instance, in August 2023, the World Health Organization, a Switzerland-based specialized agency of the United Nations published an article according to which globally, at least 2.2 billion people have a near or distance vision impairment and among this 1 billion people, the main conditions causing distance vision impairment or blindness are cataract (94 million), refractive error (88.4 million), age-related macular degeneration (8 million), glaucoma (7.7 million), diabetic retinopathy (3.9 million). Therefore, prevalence in eye disorders is driving the allergy conjunctivitis market.
Product innovation is the key trend gaining popularity in the allergy conjunctivitis market. Major companies operating in the allergy conjunctivitis market are focused on developing innovative and advanced products to strengthen their market position. For instance, in March 2022, Allergan, an Irish- US-based medical company launched LASTACAFT, an eye allergy drops. The LASTACAFT brand provides relief in as little as three minutes from itchiness and allergies and lasts through 16 hours. LASTACAFT is instilled directly in the eye to block the histamines that initiate ocular itching to quickly calm the allergic response and provide relief throughout the day from itchy eyes. This solution is an antihistamine eye drop that temporarily relieves itchy eyes due to pollen, ragweed, grass, animal hair, and dander for ages two and older. With this new solution, the company can provide quality eye care products and expands their retail eye drop portfolio.
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Major Key Players of the Market:
Allergan plc, AbbVie Inc., Ajanta Pharma Limited, Akron Operating Company LLC, Alcon Inc., Alembic Pharmaceuticals Ltd., Atopix Therapeutics Ltd., Auven Therapeutics Management LLLP, Bausch & Lomb, Cipla Ltd., Grevis Pharmaceutical Private Limited, Indoco Remedies Ltd., Jabs Biotech Pvt. Ltd., JAWA Pharmaceuticals Pvt. Ltd., Novartis AG, Ocular Therapeutix Inc., Santen Pharmaceutical Co. Ltd., Sun Pharmaceutical Industries Ltd., Laboratoires Thea SAS, Aciex Therapeutics Inc., Bausch Health Companies Inc., C.H. Boehringer Sohn AG & Co. KG, Eyevance Pharmaceuticals LLC, Johnson & Johnson Services Inc., Mylan N.V., Nicox S.A., Omeros Corporation, Otsuka Pharmaceutical Co. Ltd., Pfizer Inc., Regeneron Pharmaceuticals Inc., Shire plc, Teva Pharmaceutical Industries Ltd., Zydus Cadila
Allergy Conjunctivitis Market 2024 Key Insights:
• The allergy conjunctivitis market size is expected to see strong growth in the next few years. It will grow to $3.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Navigating The Surge In Allergy Conjunctivitis Amidst Rising Air Pollutants And Chemical Exposure
• Unveiling The Product Revolution In The Allergy Conjunctivitis Market
• North America was the largest region in the allergy conjunctivitis market share in 2023
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